Three Ways to Spot Fake Money, According to Bangko Sentral

The “ber” months are here and that means people are soon likely to head to shopping malls to splurge their 13th month pay just in time for Christmas’ gift giving. While the COVID-19 pandemic may have dented malls' foot traffic due to restrictions, we can still expect a good number of shoppers hastily scouring stores in the run-up to the holidays.

Unfortunately, frauds take advantage of the busy pre-Christmas season to look for their next prey. Recently, the Bangko Sentral ng Pilipinas (BSP) warned the public over counterfeit money amid reports on social media on alleged fake 1,000-peso bills. To help the public be more discerning, the central bank recommended a simple three-step method to determine whether your currency is genuine or not. This method is in line with the BSP’s new generation currency banknotes it released in 2020.

Here’s how you can spot fake money using the feel-look-touch method.

Step 1: Feel

A genuine banknote’s security paper must feel different from the typical paper and slightly rough to the touch. Run your fingers through the paper and feel the embossed prints and tactile marks. The latter is part of the enhanced currency banknotes and is meant to help the elderly and visually impaired persons to distinguish different denominations, but it is also a good indication of a bill’s authenticity.

Step 2: Look

You should also look out for the watermark on the bill. That is placed on the right side and refers to the replica of the face on the note. The watermark should be clearly visible once you hold the currency against the light and should match the face (or faces in the case of 1,000-peso bills) on the bill.

The next thing to look out for is the BSP-registered serial number. The characters, which typically have six numerical digits and two alphabetical digits, should be ascending in size.

Philippine peso bills consist of security fibers from the abaca and cotton materials used in producing them, making them difficult to replicate. These fibers can be seen through the short lines on both sides of the bill.

Step 3: Tilt

Another way to spot fake money is by holding the bills on your hand and tilting them to different angles. Once the notes are tilted, you should be able to see the vertically arranged security thread that will display the movement of color and designs at different angles. The thread’s shade and size should differ depending on the bill denomination.

An authentic Philippine peso bill should bear a concealed numerical value that matches the currency’s denomination. For 500- and 1,000-peso bills, you should see a roller bar effect on the currencies’ value panels, an added security feature that the BSP launched in 2020. For 1,000-peso bank note, the central bank added an optically variable device patch visible on the left side of the currency.

Always be on the Lookout

Central banks generally enhance their banknotes every 10 years for added security and protection. The BSP warned that counterfeiters of Philippine bills are subject to the penalty of imprisonment of at least 12 years and 1 day, as well as a fine not exceeding 2 million pesos. If you spot fake money, report it to the nearest police station or reach the Payments and Currency Investigation Group (PCIG) via [email protected].